H.R. 6579 (112th): To amend the Internal Revenue Code of 1986 to deny any deduction for compensatory payments made to ...

...any person or governmental entity on account of the April 20, 2010, explosion on and sinking of the mobile offshore drilling unit Deepwat

112th Congress, 2011–2013. Text as of Oct 26, 2012 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

2d Session

H. R. 6579

IN THE HOUSE OF REPRESENTATIVES

October 26, 2012

introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to deny any deduction for compensatory payments made to any person or governmental entity on account of the April 20, 2010, explosion on and sinking of the mobile offshore drilling unit Deepwater Horizon.

1.

Denial of deduction for compensatory payments on account of the April 20, 2010, Deepwater Horizon incident

(a)

In general

Section 162 of the Internal Revenue Code of 1986 (relating to trade or business expenses) is amended by redesignating subsection (h) as subsection (i) and by inserting after subsection (g) the following new subsection:

(h)

Compensatory payments on account of the April 20, 2010, deepwater horizon incident

No deduction shall be allowed under subsection (a) for compensatory payments made to any person or governmental entity on account of the April 20, 2010, explosion on and sinking of the mobile offshore drilling unit Deepwater Horizon.

.

(b)

Effective date

The amendments made by this section shall apply to payments made after April, 20, 2010, in taxable years ending after such date.